GRPZ vs. PBW

Last updated Jun 4, 2026

GRPZ (Invesco S&P Smallcap 600 GARP ETF) and PBW (Invesco WilderHill Clean Energy ETF) are both Small Cap Growth Equities funds from Invesco - GRPZ tracks the S&P SmallCap 600 GARP Index while PBW tracks the The WilderHill Clean Energy Index (AMEX). Both are passively managed. Over the past year, GRPZ returned 21.80% vs 151.19% for PBW. A 0.59 correlation means they provide meaningful diversification when combined. GRPZ charges 0.35%/yr vs 0.61%/yr for PBW.

Performance

GRPZ vs. PBW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P Smallcap 600 GARP ETF (GRPZ) and Invesco WilderHill Clean Energy ETF (PBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRPZ achieves a 10.84% return, which is significantly lower than PBW's 48.64% return.

GRPZ

• 1D: -0.67%
• 1M: -1.04%
• YTD: 10.84%
• 6M: 8.51%
• 1Y: 21.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBW

• 1D: -3.49%
• 1M: 18.16%
• YTD: 48.64%
• 6M: 46.91%
• 1Y: 151.19%
• 3Y*: 8.19%
• 5Y*: -10.05%
• 10Y*: 11.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GRPZ vs. PBW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GRPZ Invesco S&P Smallcap 600 GARP ETF	10.84%	3.09%	4.27%
PBW Invesco WilderHill Clean Energy ETF	48.64%	53.96%	-10.53%

Correlation

The correlation between GRPZ and PBW is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.59

The correlation between GRPZ and PBW has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

GRPZ vs. PBW - Sectors Allocation Comparison

Sectors	GRPZ	PBW
Financial Services	28.0%	1.4%
Industrials	16.3%	34.3%
Healthcare	14.4%	-
Energy	13.0%	12.3%
Consumer Cyclical	12.0%	13.9%
Technology	7.9%	14.3%
Consumer Defensive	5.3%	1.1%
Basic Materials	2.2%	16.4%
Communication Services	0.9%	-
Real Estate	-	-
Utilities	-	6.3%

Return for Risk

GRPZ vs. PBW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GRPZ

GRPZ Risk / Return Rank: 39
GRPZ Sharpe Ratio Rank: 35
GRPZ Sortino Ratio Rank: 38
GRPZ Omega Ratio Rank: 32
GRPZ Calmar Ratio Rank: 47
GRPZ Martin Ratio Rank: 41

PBW

PBW Risk / Return Rank: 88
PBW Sharpe Ratio Rank: 94
PBW Sortino Ratio Rank: 86
PBW Omega Ratio Rank: 79
PBW Calmar Ratio Rank: 94
PBW Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GRPZ vs. PBW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Smallcap 600 GARP ETF (GRPZ) and Invesco WilderHill Clean Energy ETF (PBW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GRPZ	PBW	Difference
Sharpe ratio: Return per unit of total volatility	1.24	3.77	-2.53
Sortino ratio: Return per unit of downside risk	1.96	3.92	-1.96
Omega ratio: Gain probability vs. loss probability	1.22	1.48	-0.26
Calmar ratio: Return relative to maximum drawdown	2.30	7.16	-4.86
Martin ratio: Return relative to average drawdown	6.59	19.88	-13.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GRPZ vs. PBW - Sharpe Ratio Comparison

The current GRPZ Sharpe Ratio is 1.24, which is lower than the PBW Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of GRPZ and PBW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GRPZ	PBW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	3.77	-2.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	-0.03	+0.43

Drawdowns

GRPZ vs. PBW - Drawdown Comparison

The maximum GRPZ drawdown since its inception was -27.87%, smaller than the maximum PBW drawdown of -89.02%. Use the drawdown chart below to compare losses from any high point for GRPZ and PBW.

Drawdown Indicators

	GRPZ	PBW	Difference
Max Drawdown Largest peak-to-trough decline	-27.87%	-89.02%	+61.15%
Max Drawdown (1Y) Largest decline over 1 year	-9.53%	-21.24%	+11.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-68.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-84.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.02%	—
Current Drawdown Current decline from peak	-3.57%	-62.54%	+58.97%
Average Drawdown Average peak-to-trough decline	-7.00%	-62.91%	+55.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	7.64%	-4.32%

Volatility

GRPZ vs. PBW - Volatility Comparison

The current volatility for Invesco S&P Smallcap 600 GARP ETF (GRPZ) is 4.72%, while Invesco WilderHill Clean Energy ETF (PBW) has a volatility of 13.35%. This indicates that GRPZ experiences smaller price fluctuations and is considered to be less risky than PBW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRPZ	PBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	13.35%	-8.63%
Volatility (6M) Calculated over the trailing 6-month period	11.85%	28.20%	-16.35%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	40.48%	-22.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	42.91%	-21.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.17%	38.76%	-17.59%

GRPZ vs. PBW - Expense Ratio Comparison

GRPZ has a 0.35% expense ratio, which is lower than PBW's 0.61% expense ratio.

Dividends

GRPZ vs. PBW - Dividend Comparison

GRPZ's dividend yield for the trailing twelve months is around 0.91%, more than PBW's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GRPZ Invesco S&P Smallcap 600 GARP ETF	0.91%	0.97%	0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBW Invesco WilderHill Clean Energy ETF	0.60%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%

Frequently Asked Questions

Can I hold both GRPZ and PBW in my portfolio?

GRPZ and PBW have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRPZ or PBW?

PBW has higher volatility (13.35%) compared to GRPZ (4.72%). In terms of maximum drawdown, GRPZ dropped -27.87% vs PBW's -89.02%.

Which ETF is better, GRPZ or PBW?

On 1-year performance, PBW leads with 151.19% vs 21.80% for GRPZ. On fees, GRPZ is cheaper at 0.35% per year. On volatility, GRPZ has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRPZ or PBW?

Over the 1-year period, PBW has performed better with a 151.19% return vs 21.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRPZ or PBW?

GRPZ is cheaper with a 0.35% expense ratio, compared with 0.61% for PBW.

Which ETF pays a higher dividend yield, GRPZ or PBW?

GRPZ has the higher dividend yield at 0.91%, compared with 0.60% for PBW.

What is the main difference between GRPZ and PBW?

GRPZ tracks S&P SmallCap 600 GARP Index, while PBW tracks The WilderHill Clean Energy Index (AMEX). Their fees differ too: 0.35% for GRPZ and 0.61% for PBW.

Which has better risk-adjusted returns?

PBW currently has the higher Sharpe Ratio (3.77 vs 1.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.